Posted on May 5, 2016 | Filed under: Company News
RICHMOND, Va., April 13, 2016 – Turning Basin Capital (“TBC”) announced today that it has completed the acquisition of BBB Tank Services (“BBB”), a provider of maintenance and repair services to the above-ground storage tank (“AST”) market. This acquisition marks TBC’s first acquisition in the vibrant downstream energy infrastructure services sector.
Headquartered in Baytown, Texas, BBB’s AST services and products include routine and emergency maintenance and repairs, replacement seals for floating roofs, application of protective coatings and new tank construction. Its customers include owners of storage terminals that hold crude, refined petroleum products, chemicals and other commodities. Through its 15-year history, BBB has established an excellent reputation for quality, rapid response-times and high safety standards.
TBC is partnering with BBB’s existing management team, including owners, Robert Swain, Gary Thompson and Roy Dennis, who have more than 100 years combined experience in the AST services market. As part of the transaction, Jacob Swain will transition into the role of President and lead BBB’s continuing growth strategy.
“We believe that TBC, with its focus on the energy sector and experience with companies of our size, is the best partner to help us achieve our objectives,” Jacob Swain said. “I look forward to working with TBC as we shape and pursue our strategic plan.”
Tom Willingham, Managing Director at TBC, said, “We are excited to partner with Jacob and the owners of BBB, as we look to build on their experience and excellent reputation in the industry to help BBB reach its growth potential.”
BBB will be a platform investment for TBC, which will seek to expand BBB’s downstream infrastructure service offering, geographic presence and customer base through organic means as well as through additional acquisitions.
“The downstream infrastructure services sector represents an increasingly attractive market as the role of the U.S. in the global energy market continues to evolve,” said Mark Murray, managing director of TBC. “We believe there is a tremendous opportunity to build a significant business focused on providing a broad range of recurring revenue services to refiners and downstream facility operators.”
The transaction closed on April 8, 2016. Main Street Capital Corporation (NYSE:MAIN) provided a first-lien, senior secured term loan and an equity co-investment to help facilitate the acquisition of BBB. Terms of the agreement were not disclosed.
To learn more about BBB, visit www.bbbtankservices.com